Life Insurance and Critical illness cover
Life insurance and critical illness cover are both types of insurance policies designed to provide financial protection, but they serve different purposes. Life insurance pays out upon the death of the policyholder, whereas critical illness cover pays out a lump sum upon diagnosis of specific serious illnesses or medical conditions covered in the policy, during the term.
The most common reason for buying life insurance will be to cover a mortgage debt. But our needs change as life develops; after getting married, entering into a domestic partnership, or becoming a parent, you need to consider your family income requirements, not just to pay the mortgage but also to ensure that your family have financial support to cover such things as other debts and living expenses. If the worst happens you need to know that you have a financial safety net that allows you to focus on the important things for your family.
As independent life insurance advisers we have access to all products on the market, providing you with a full range of policies, and potentially cheaper premiums, tailored to your individual circumstances and budget. If the worst happens, we are there to help you manage the claim.
Protecting your mortgage and your family if you are ill or die
Different types of insurance are used to provide financial protection if you die or if you are ill and unable to work. The first is covered with life insurance the second with critical illness cover and income protection policies; often these products are arranged together.
Whatever your family circumstances, a serious illness can prevent you from working and the bills still need to be paid. Fortunately, for many conditions, survival rates are increasing, but many people with critical illnesses suffer financial problems following diagnosis as their ability to work is affected due to treatment or long-term health problems.
Life Insurance
This provides a lump sum payout to your beneficiaries in the event of your death. It is designed to offer financial protection and support to your loved ones after you pass away.
Critical Illness Cover
This is paid as a lump sum if you are diagnosed with one of the specific, predefined medical conditions, regardless of whether you are still able to work or not.
Income Protection
This usually provides a percentage of your regular income if you are unable to work due to illness, injury, or disability. These payments continue for a specified period, such as until you recover, return to work, retire, or the policy term expires.
The sooner you take out insurance, the cheaper it is!
It is easy to procrastinate but life insurance gets more expensive with every birthday, so it makes sense to buy your policy when you are young. Generally, the younger you are, the cheaper the premiums. Purchasing a life insurance policy when you’re young and healthy will result in lower premiums compared to waiting until later in life.
I don’t need your help with Life Insurance
You may feel you don’t need life insurance or can arrange it yourself, but please take a moment to consider the following possible pitfalls.
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I’m going to buy an ‘off-the-shelf’ policy
‘Off-the-shelf’ policies such as those you can buy from a supermarket- aren’t tailored to your unique circumstances and sadly we find that the cheaper policies can contain hidden exclusions and are reliant on you providing the correct information, which can mean that the policy won’t be valid upon a claim. Beware of any policies that don’t require a full medical history as it is likely that many illnesses and conditions may not be covered.
I think my company benefits are sufficient
Many people think that they do not need any life insurance because it is provided as part of their benefits package at work. But please take a few minutes to consider if your company scheme provides enough cover for your mortgage, what happens if you change jobs, if your partner is covered and what happens if you are critically ill long term.
Purchasing your own life insurance policy ensures that you have continuous coverage regardless of changes in employment status. Benefits vary from employer to employer and if your next company does not offer life insurance, then you will need to purchase your own policy but at a higher price due to your increased age. The worst situation is if you are unable to work due to ill health and forced to leave your job and its associated benefits, at this point your pre-existing condition is likely to be excluded and if you die, you will not be covered.
We are very happy to review the cover that you have and advise if you would benefit from a personal top up (or not!)
I am a stay-at-home parent
Arranging insurance for a stay-at-home parent is often overlooked, but it can be equally important as insuring the primary breadwinner. They contribute significantly to the family’s finances by providing childcare and managing household tasks, and the surviving parent may need to hire someone to take over these responsibilities, which can be expensive.
Stay-at-home parents also provide essential emotional support to children and the person left behind will need to fill this gap and be at home to provide the support needed, especially when they have suffered the loss of a parent. Life insurance can provide a financial cushion during this difficult time, allowing the family to focus on healing without worrying about immediate financial concerns.
If the worst happens…
Sadly, over the years we have had to help many of our customers when they needed to make a claim. We see it as our responsibility to help at a time when the last thing you need to be worrying about is paperwork. Once we have arranged your policy, we can help you make a claim and hopefully take some of the pressure away from you and your family.
Happy Customers
We have been helping people arrange their life insurance for years; we are very lucky to receive many lovely cards and reviews, and we are thrilled that many of our customers recommend us to their friends and family.
Read our reviews
Help and Advice
If you have any questions, or would like some guidance before starting the process, we are happy to help.
Feel free to call us on 0118 4028971.
In the meantime, if you would like to know a little more about life insurance please take a look at our FAQs.
Why Clark and Poole?
As a customer of Clark and Poole, we can routinely review the cover we have arranged for you to make sure that it still meets your financial needs and to allow you to benefit from any improved features offered by your provider. Find out more about our team here:
How we are paid
We are paid by the insurance providers to complete all the administration on your application. This is paid as a commission, and you will be able to see the payment we will receive on each option presented so that our recommendations are completely transparent. We do not charge you any fees on top of these commissions.
Get in touch
Arrange a free consultation now - call us on 0118 4028971
